Maori wooed on Sealord holding

By LIBBY MIDDLEBROOK

The Treaty of Waitangi Fisheries Commission has hired former New Zealand First MP Tutekawa Wyllie and a broking house to promote the sale of Brierley Investment's 50 per cent holding in Sealord to Maori.

The commission, which holds the remaining 50 per cent of Sealord, has taken on Mr Wyllie as a consultant, along with Ord Minnett, to approach Maori to inform them of the sale.

Commissioner Whaimutu Dewes said while the commission did not have a preference regarding its new potential business partner, it was the organisation's statutory obligation to inform Maori of potential investments within the fishing sector.

"There is a gap in the capacity [for Maori] to get as rapidly up to speed on these sort of issues," he said.

"They're not as accustomed to these sort of investment decisions."

Christchurch-based iwi Ngai Tahu has dismissed rumours that it plans to make a bid for Sealord.

"Sealord isn't even on the agenda," said Gabrielle Huria of Ngai Tahu.

Mr Dewes said Mr Wyllie, was employed as a consultant because of his networking skills and experience as NZ First's spokesman for Maori affairs, conservation and fisheries during the term of the previous Government.

Mr Dewes could not say which groups had been approached by Mr Wyllie, who was not available for comment yesterday.

Ord Minnett declined to comment on the sale issue.

"He [Mr Wyllie] was able to come up with a list of people that should be contacted by the cut-off date for registrations of interest next week."

Investment bank Deutsche Bank is promoting the sale on behalf of Brierley, which is estimated to be worth about $200 million.

The country's largest commercial fishing company, Nelson-based Sealord holds 23 per cent of the national fishing quota.

Brierley and the commission formed a joint venture in 1993 after the crown settled all Treaty of Waitangi commercial fishing claims a year earlier with a $150 million cash payout to the commission.

The organisation was also granted 10 per cent of the national fishing quota which could be leased only to Maori groups along with quota rights to 20 per cent of any new species listed on the quota management scheme.

Since 1992 Sealord has sub-leased varying amounts of the commission's quota through independent Maori groups and iwi.

Mr Dewes could not say how much of the commission's quota was currently sub-leased by Sealord and Moana Pacific, which is 68 per cent held by the commission.

"We [the commission] as owners want to encourage the subsidiaries we own to do well, but we're not in the business of handing them monopolistic control of the quota."

The sale of Sealord, which has interests in North America, Britain, Asia and Australia is expected to be completed by June.